• Average sale price remain virtually unchanged with a 1% increase from last month and 4% increase year over year. 
• December is typically one of the slowest months of the year and with all other economic variables, we saw a 21% decrease in sales month over month. With that being said, confidence was actually up from last year with a 9% bump from December 2022.  
• Continuing with the trend of the latter portion of the year, inventory is down another wapping 64% month over month. 
• Forecasts are calling for rates to start to drop in 2024 with Fixed rates already gradually starting to come down. 
• I expect the next month or two to be relatively stable with a healthy market that neither falls not flies however when rates start to fall, buyer activity is likely to pick up signifcantly. 
• Running numbers after the first week of January, Toronto Freehold homes are sitting at 2.9 Months Of Inventory (Sellers Market) and Toronto Condos are sitting at 5.1 Months Of Inventory (Balanced Market).

Data below. 

*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.

• Average sale price is starting to trend downward month over month although still flat compared to where we were last year.
• Last month's hike in home sales was more of a moment as sales are down month over month 13% and 11% year over year. 
• Key metric here is inventory which is continuing to have a steady decline in new homes coming to market month over month.
• The Bank of Canada held rates again signaling that their efforts of slowing down the economy are working and experts are anticipating rates to actually start coming down by Q2/3 2024. 
• Expect the market to continue cooling in the coming couple months as the holidays are typically one of the slowest times of the year and most buyers and sellers are now looking at seeing what the new year brings.  
• As of the end of November, Toronto Freeholds are sitting at 3.3 Months Of Inventory (Balanced Market) and Toronto Condos are sitting at 5.5 Months Of Inventory (Creeping into Buyer's Market territory).

Data below. 

*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.

• Average sale price was up month over month 1% and year over year 3%.
• New home sales are starting to pick up signalling a potential rise in buyer confidence. 
• New listings are down month over month which shows sellers are still holding on.
• With the Bank of Canada holding rates again this month and other economic data showing signs that we may be at the peak of those announcements, I still anticipate to see further signs of seller/buyer pain in the market but am hopeful sale values will continue to either hold strong or worst case, dip only slightly over the next few months. 
• As of the end of October, Toronto Freeholds are sitting at 3.3 Months Of Inventory (Balanced Market) and Toronto Condos are sitting at 5.4 Months Of Inventory (Creeping into Buyer's Market territory).

All data below. What do you think? 

*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.

Downtown And Surrounding Areas

Average Days On Market: 11 

Months Of Inventory: 2.9

 

Condos

Average Sale Price: $845,564.00 (0%)

Median Sale Price: $715,000.00 (+1%)

# Of Listings Sold: 107 (0%)

# Of New Listings: 400 (-14%)

Average Days On Market: 25

Months Of Inventory: 5.9

 

 

Midtown

 

Freehold

Average Sale Price: $2,217,493.00 (-23%)

Median Sale Price: $2,072,000.00 (+5%)

# Of Listings Sold: 23 (-28%)

# Of New Listings: 84 (-15%)

Average Days On Market: 15

Months Of Inventory: 4.3

 

Condos

Average Sale Price: $783,310.00 (-2%)

Median Sale Price: $720,000.00 (+3%)

# Of Listings Sold: 29 (+7%)

# Of New Listings: 86 (-7%)

Average Days On Market: 26

Months Of Inventory: 4.2

 

 

North York Center

 

• Average sale price was up month over month 11% and year over year 5%.
• New home sales were down 8% month over month but remained the same compared to last year. 
• New listings are way up since last month and last year.
• The market is officially swinging into more of the buyers benefit in the city of Toronto. With potential for further interest rate hikes and general economic uncertainty buyers are mostly hoping to weather the storm while a lot of sellers are looking to liquidate assets in exchange for more cash in hand. 
• The one surprising figure here is that given this decrease in demand, there was still a significant increase in average sale price. Values are still holding strong and time will tell if that will remain or if we will start to see more fuctuations. 
• It's possible the war in the middle east causes gas and energy prices to go up effecting inflation here in Canada. Something to keep an eye on as that can have an indirect effect on the Bank Of Canada's decision whether or not to raise their overnight rate during their next announcement on October 25th. 

All data below. What do you think? 

*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.

Downtown And Surrounding Areas

Average Days On Market: 13 

Months Of Inventory: 3.6

 

Condos

Average Sale Price: $843,460.00 (-1%)

Median Sale Price: $710,000.00 (-8%)

# Of Listings Sold: 107 (+4%)

# Of New Listings: 465 (-31%)

Average Days On Market: 18 

Months Of Inventory: 6.5

 

 

Midtown

 

Freehold

Average Sale Price: $2,867,642.00 (+15%)

Median Sale Price: $1,974,500.00 (0%)

# Of Listings Sold: 32 (-16%)

# Of New Listings: 99 (0%)

Average Days On Market: 14 

Months Of Inventory: 4.6

 

Condos

Average Sale Price: $796,529.00 (+1%)

Median Sale Price: $700,000.00 (+6%)

# Of Listings Sold: 27 (-10%)

# Of New Listings: 92 (+10%)

Average Days On Market: 24

Months Of Inventory: 4.4

 

 

North York Center

 

• As expected, August was a slow month across the board as interest rate uncertainty loomed. 
• Average sale price is down month over month 6%.
• New home sales were virtually unchanged both month over month and year over year. 
• New listings are down month over month 15% showing homeowners are continuing to find ways to hold their homes through tough times.
• With the recent Bank Of Canada announcement to hold rates, expect the Fall market to have a little more activity than anticipated as this gives some buyers a little more confidence to come off the sidlines.

All data below. What do you think? 

*I keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please feel free to reach out.

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